Why have rental apartments become scarce in almost every country in Europe?
Apartment renters in Europe are facing an acute shortage of supply on the market. At the same time, prices for available housing have risen to record highs. Find out where housing prices are currently rising the most and how much it costs to rent an apartment in a big city
Residents of major European cities are sounding the alarm, as almost all countries are experiencing an acute shortage of rental housing, which is driving up rent prices to record highs. According to Bloomberg, the deficit was primarily caused by labor migration and the influx of refugees from Ukraine.
In which European countries prices have soared the most and how much it costs to rent an apartment in European cities, we will tell you further in the article.
Read more about how much it costs to rent an apartment in Poland here.
Why is Europe facing a housing shortage?
The biggest problem is observed in the capitals and large cities of Europe. For example, in Amsterdam, according to the publication, the city authorities have counted a shortage of about 200 thousand apartments, as 18 thousand people arrived in the capital of the Netherlands in 2022 alone. And in Paris, the shortage of apartments is caused by a large number of foreign skilled professionals who can pay more for rent than local residents.
According to the publication, in many cities in Eastern Europe, the situation is exacerbated by the influx of refugees from Ukraine. For example, in Estonia, tenants are forced to move to smaller cities where rent is cheaper, as rent prices increased by 22% in 2022 alone.
The trend of rapidly rising rents after the pandemic is not uncommon, but in Europe it has intensified due to the small size of cities and the high concentration of historic and low-rise buildings. This leads to inequality between those who own real estate and those who have to spend most of their income on renting an apartment. In addition to high rental prices, mortgage rates and the cost of construction materials have risen significantly in Europe, which eventually forced those who were planning to buy real estate to abandon their plans.
Read more about how a foreigner can rent an apartment in Ukraine here.
Where is the most expensive place to rent an apartment in Europe?
According to published data on the Housing Anywhere platform, in the second quarter of 2023, housing prices increased by 9.6% (depending on the type of premises) compared to 2022.
Thus, the largest increase was recorded for the cost of renting studio apartments, an average of 10.1% compared to 2022. The largest price increases were recorded in Lisbon (70.3%), Florence (33.3%) and Hamburg (27.4%).
The second place went to private rooms - on average, the rent of such premises went up by 9.7%. The largest price increases were recorded in Lisbon (29.4%), The Hague (28.6%) and Berlin (22.6%).
One-bedroom apartments are in third place. The price increase fluctuates at the level of 9.1%. Record price increases were recorded in Budapest (42.9%), The Hague (27.8%) and Utrecht (25.8%).
Top 10 cities with the most expensive apartment rent in 2023
Thus, according to the platform's rating, the top ten cities with the highest average price for renting a one-bedroom apartment in the second quarter of 2023 include:
1. Lisbon - 2500 euros;
2. Amsterdam - 2300 euros;
3. Utrecht - 1950 euros;
4. Paris - 1802 euros;
5. Munich - 1755 euros;
6. Milan - 1750 euros;
7. Berlin - 1748 euros;
8. The Hague - 1725 euros;
9. Florence - 1700 euros;
10. Rotterdam - 1655 euros.
We remind you! Against the backdrop of constant globalization and expanding opportunities for movement, millionaires are becoming active participants in international emigration. In recent years, the emigration of wealthy individuals has become one of the main global trends, according to the consulting company Henley & Partners. Read more about which countries the rich choose to live in in our previous article.
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